External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>For 2Q25, we expect Tongcheng Travel (TC) to record revenue of RMB4.6bn, up 9.3% YoY, and ink non-GAAP net profit of RMB738mn, up 12.4% YoY, both are largely unchanged compared to our previous forecasts, and are inline with Bloomberg consensus.</li><li>For 2Q25, we expect stronger revenue growth in accommodation reservation than we previously anticipated, primarily aided by likely stronger-than-expected expansion of take rate.</li><li>However, we expect this to be offset by slower-than-expected transportation ticketing services revenue growth owing to milder-than-expected air ticketing volume growth in the near term, as well as likely slower than our previously expected revenue growth recovery for offline Tourism business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2Q25, we expect Tongcheng Travel (TC) to record revenue of RMB4.6bn, up 9.3% YoY, and ink non-GAAP net profit of RMB738mn, up 12.4% YoY, both are largely unchanged compared to our previous forecasts, and are inline with Bloomberg consensus.For 2Q25, we expect stronger revenue growth in accommodation reservation than we previously anticipated, primarily aided by likely stronger-than-expected expansion of take rate.However, we expect this to be offset by slower-than-expected transportation ticketing services revenue growth owing to milder-than-expected air ticketing volume growth in the near term, as well as likely slower than our previously expected revenue growth recovery for offline Tourism business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (780 HK) - 2Q25 Preview: Expecting Inline Results

<ul><li>Tongcheng Travel (TC) reported 1Q25 results: total revenue was RMB4.4bn, up 13% YoY, and was 0.7/0.9% better than our forecast/Bloomberg consensus estimates, due to the 1% revenue beat in core OTA business but this was partly offset by slower-than-expected recovery in Tourism business; adjusted NP was RMB788mn, up 41% YoY, and was 6.6/7.3% better than our forecast/ consensus, driven by better-than-expected operating leverage of core OTA business, as well as operation refinement of Tourism business.</li><li>OPM of the core OTA business expanded to 29.2% in 1Q25 (1Q24: 22.6%).</li><li>To account for the mixed impact from better-than-expected operating efficiency gains of core OTA business, and slower-than-expected recovery in relatively thin-margin Tourism business, we lower 2025-2027E revenue forecast by 2%, while maintaining nonGAAP net profit forecast largely unchanged. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (TC) reported 1Q25 results: total revenue was RMB4.4bn, up 13% YoY, and was 0.7/0.9% better than our forecast/Bloomberg consensus estimates, due to the 1% revenue beat in core OTA business but this was partly offset by slower-than-expected recovery in Tourism business; adjusted NP was RMB788mn, up 41% YoY, and was 6.6/7.3% better than our forecast/ consensus, driven by better-than-expected operating leverage of core OTA business, as well as operation refinement of Tourism business.OPM of the core OTA business expanded to 29.2% in 1Q25 (1Q24: 22.6%).To account for the mixed impact from better-than-expected operating efficiency gains of core OTA business, and slower-than-expected recovery in relatively thin-margin Tourism business, we lower 2025-2027E revenue forecast by 2%, while maintaining nonGAAP net profit forecast largely unchanged. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (780 HK) - 1Q earnings beat; on track to deliver solid full-year earnings growth

<ul><li>For 1Q25E, we expect Tongcheng Travel (TC) would record revenue of RMB4.35bn, up 12% YoY, and ink non-GAAP net profit of RMB737mn, up 32% YoY, both inline with Bloomberg consensus.</li><li>We reiterate our positive view on TC given its robust earnings growth outlook and we believe its business growth is mainly driven by domestic demand and is relatively immune to the impact of tariffs and geopolitical conflicts.</li><li>Our 25%/18% YoY growth forecast for core OTA OP/total non-GAAP NP in 2025E remains unchanged, and we see supporting factors coming from: 1) resilient travel demand for both domestic and outbound travel, and TC’s ability to achieve further operating efficiency improvement through refined marketing strategies and optimization in user subsidies provided; 2) international business turnaround from the loss-making stage and contribution of profits. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 1Q25E, we expect Tongcheng Travel (TC) would record revenue of RMB4.35bn, up 12% YoY, and ink non-GAAP net profit of RMB737mn, up 32% YoY, both inline with Bloomberg consensus.We reiterate our positive view on TC given its robust earnings growth outlook and we believe its business growth is mainly driven by domestic demand and is relatively immune to the impact of tariffs and geopolitical conflicts.Our 25%/18% YoY growth forecast for core OTA OP/total non-GAAP NP in 2025E remains unchanged, and we see supporting factors coming from: 1) resilient travel demand for both domestic and outbound travel, and TC’s ability to achieve further operating efficiency improvement through refined marketing strategies and optimization in user subsidies provided; 2) international business turnaround from the loss-making stage and contribution of profits. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (780 HK) - Expecting Inline 1Q Results

<ul><li>Tongcheng Travel (TC) reported 4Q24 results: total revenue was RMB4.2bn, up 35% YoY (3Q24: 51% YoY), 5% better than Bloomberg consensus estimates, due to the beat in revenue of accommodation reservation and Tourism business; adjusted NP was RMB660mn, up 37% YoY, and was 7% better than consensus.</li><li>OPM of core OTA businesses improved to 28.4% in 4Q24 (4Q23: 23.6%), driven by optimization of marketing strategies.</li><li>For 2024, total revenue grew 46% YoY to RMB17.3bn, and non-GAAP net profit reached RMB2.8bn, up 27% YoY. Looking into 2025, although Tourism business likely faces some short-term headwinds, core OTA business could still deliver solid earnings growth, driven by: 1) resilient travel demand for both domestic and outbound travel, and TC’s ability to drive for further operating efficiency improvement through refined marketing strategies and optimization in user subsidy provided; 2) international business turnaround from loss-making stage and start to contribute profits. We are looking for 25%/18% YoY growth for core OTA OP/total non-GAAP NP. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (TC) reported 4Q24 results: total revenue was RMB4.2bn, up 35% YoY (3Q24: 51% YoY), 5% better than Bloomberg consensus estimates, due to the beat in revenue of accommodation reservation and Tourism business; adjusted NP was RMB660mn, up 37% YoY, and was 7% better than consensus.OPM of core OTA businesses improved to 28.4% in 4Q24 (4Q23: 23.6%), driven by optimization of marketing strategies.For 2024, total revenue grew 46% YoY to RMB17.3bn, and non-GAAP net profit reached RMB2.8bn, up 27% YoY. Looking into 2025, although Tourism business likely faces some short-term headwinds, core OTA business could still deliver solid earnings growth, driven by: 1) resilient travel demand for both domestic and outbound travel, and TC’s ability to drive for further operating efficiency improvement through refined marketing strategies and optimization in user subsidy provided; 2) international business turnaround from loss-making stage and start to contribute profits. We are looking for 25%/18% YoY growth for core OTA OP/total non-GAAP NP. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (780 HK) - 4Q Earnings Beat

<ul><li>Tongcheng Travel (TC) reported 3Q24 results: total revenue was RMB5.0bn, up 51% YoY (2Q24: +48% YoY), 3% better than Bloomberg consensus estimates; adjusted net income was RMB910mn, up 47% YoY, 11% better than consensus.</li><li>OPM of core OTA businesses improved to 31.1% in 3Q24 (3Q23: 25.2%), driven by optimization of marketing strategies. Booking volume growth of TC’s transportation ticketing and accommodation reservation business is likely to be more resilient than our previous expectation, and TC is optimizing its marketing spending, as well as optimizing subsidies it provided for customers amid a more stabilized competitive landscape, which in our view could drive ongoing YoY margin expansion for core OTA business in 4Q24E.</li><li>We lift 2024E revenue/nonGAAP net income forecasts by 1%/3% to factor in the positive impact. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (TC) reported 3Q24 results: total revenue was RMB5.0bn, up 51% YoY (2Q24: +48% YoY), 3% better than Bloomberg consensus estimates; adjusted net income was RMB910mn, up 47% YoY, 11% better than consensus.OPM of core OTA businesses improved to 31.1% in 3Q24 (3Q23: 25.2%), driven by optimization of marketing strategies. Booking volume growth of TC’s transportation ticketing and accommodation reservation business is likely to be more resilient than our previous expectation, and TC is optimizing its marketing spending, as well as optimizing subsidies it provided for customers amid a more stabilized competitive landscape, which in our view could drive ongoing YoY margin expansion for core OTA business in 4Q24E.We lift 2024E revenue/nonGAAP net income forecasts by 1%/3% to factor in the positive impact. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (780 HK) - Travel Demand Remains Resilient

Hong Kong

Tongcheng Travel Holdings Limited is an investment holding company providing travel-related services in the People's Republic of China. It offers accommodation reservation, transportation ticketing, online advertising, hotel management, tourist attraction tickets, and packaged tours through its online platforms, mobile apps, and websites. The company was founded in 1999 and is headquartered in Suzhou, the People's Republic of China.

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Tongcheng Travel (780 HK)